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1929: Inside the Greatest Crash in History--and How It Shattered a Nation

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From the bestselling author of Too Big to Fail, “the definitive history of the 2008 banking crisis,”* comes a spellbinding narrative of the most infamous stock market crash in history. With the depth of a classic history and the drama of a thriller, 1929 unravels the greed, blind optimism, and human folly that led to an era-defining collapse—one with ripple effects that still shape our society today.

In 1929, the world watched in shock as the unstoppable Wall Street bull market went into a freefall, wiping out fortunes and igniting a depression that would reshape a generation. But behind the flashing ticker tapes and panicked traders, another drama unfolded—one of visionaries and fraudsters, titans and dreamers, euphoria and ruin.

With unparalleled access to historical records and newly uncovered documents, New York Times bestselling author Andrew Ross Sorkin takes readers inside the chaos of the crash, behind the scenes of a raging battle between Wall Street and Washington and the larger-than-life characters whose ambition and naivete in an endless boom led to disaster. The dizzying highs and brutal lows of this era eerily mirror today’s world—where markets soar, political tensions mount, and the fight over financial influence plays out once again.

This is not just a story about money. 1929 is a tale of power, psychology, and the seductive illusion that “this time is different.” It’s about disregarded alarm bells, financiers who fell from grace, and skeptics who saw the crash coming—only to be dismissed until it was too late.

Hailed as a landmark book, Too Big to Fail reimagined how financial crises are told. Now, with 1929, Sorkin delivers an immersive, electrifying account of the most pivotal market collapse of all time—with lessons that remain as urgent as ever. More than just a history, 1929 is a crucial blueprint for understanding the cycles of speculation, the forces that drive financial upheaval, and the warning signs we ignore at our peril.

*The Atlantic Monthly

577 pages, Kindle Edition

First published October 14, 2025

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31762 people want to read

About the author

Andrew Ross Sorkin

5 books535 followers
Andrew Ross Sorkin is The New York Timess chief mergers and acquisitions reporter and a columnist. Mr. Sorkin, a leading voice about Wall Street and corporate America, is also the editor of DealBook (nytimes.com/dealbook), an online daily financial report he started in 2001. In addition, Mr. Sorkin is an assistant editor of business and finance news, helping guide and shape the papers coverage.

Mr. Sorkin, who has appeared on NBC's Today show and on Charlie Rose on PBS, is a frequent guest host of CNBCs Squawk Box. He won a Gerald Loeb Award, the highest honor in business journalism, in 2004 for breaking news. He also won a Society of American Business Editors and Writers Award for breaking news in 2005 and again in 2006. In 2007, the World Economic Forum named him a Young Global Leader.

Mr. Sorkin began writing for The Times in 1995 under unusual circumstances: he hadnt yet graduated from high school.

Mr. Sorkin lives in Manhattan."

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Displaying 1 - 30 of 459 reviews
Profile Image for Brendan (History Nerds United).
793 reviews678 followers
July 11, 2025
On the face of it, 1929 by Andrew Ross Sorkin gave me pause. Would it be too finance-y? Would there be concepts that make my head hurt? Would I just become even more worried about my 401k? Great news! No, no, and yes, but that's not his fault. Instead, you get a character driven tale of hubris, politics, and depression in both the literal and figurative sense.

I loved this book so much because Sorkin understands people and their relationships are what gets readers invested (you are dang right that pun was intended). The first issue with a book like this is that there are so many characters who need to be in it. Sorkin ingeniously tells the story chronologically with each chapter being a specific date while consistently starting the chapter with someone the reader is already familiar with. No one is wasted. Anyone you are introduced to in the first few chapters will come back later on and matter to the narrative. That way, Sorkin can ground the reader with a familiar face while explaining financial activities and perhaps adding a few more names to the book's Rolodex. The book even goes past 1929 which, admittedly, I thought was going to be a mistake. However, Sorkin quickly proves that the aftermath on his characters is just as important as the crash.

Sorkin, who wrote the acclaimed Too Big to Fail, also effortlessly immerses the reader in the financial shenanigans of the time period. I personally have a low tolerance for finance as a subject. However, the author gives you just enough to know what is going on without making you want to take a long nap. In fact, Sorkin makes sure to make the narrative mostly about the actions of his characters and the simple fact that no one knows exactly what the stock market will do. As is often said, show, don't tell.

Finally, I have a pet peeve of taking a historical event and forcing current events into it. Wonderfully, Sorkin never even hints at connecting 1929 to today. Don't get me wrong, he certainly provides plenty of information for the reader to make their own connections, but he never shoves it in the reader's face. This is about 1929 and its aftermath. He understood the assignment, and he nailed it.

(This book was provided as an advance reader copy by NetGalley and Viking Books.)
Profile Image for Ryann.
143 reviews22 followers
November 2, 2025
I approached this book with an overview knowledge of the 1929 stock market crash in New York City. Andrew Sorkin took this historical event and provided a detailed look at the banks, and more importantly the specific people behind the Wall Street curtain that made the decisions that led to the downfall of many Americans and led the country into the Great Depression.

It begins with the tail end of the Coolidge Presidency and the rampant speculation and risky investments that were going unchecked on Wall Street. He guides you through the crisis that falls on Hoover’s lap and ends with Roosevelt and the accountability trials. A bonus story that I enjoyed was learning that Winston Churchill was an eyewitness. As the stock market was plummeting, a dinner party filled with the most prominent executives of NYC was being held for Churchill.

In every bookstore I’ve visited since its release, 1929 has had a featured display. I can say that the hype has been warranted and I highly recommend! This story was written so that even a financial novice like myself could follow along.
Profile Image for Brett Martin.
60 reviews14 followers
November 13, 2025
I learned so much from this book. If you work in finance or just have a general interest in it, I definitely recommend checking this one out. Hopefully we can learn from our past mistakes.
Profile Image for Blaine.
338 reviews35 followers
November 8, 2025
A fairly superficial history of the 1929 crash, written in a pedestrian, journalistic fashion. Much overrated in the reviews.

The main interest was the portraits of the rogues commonly known as financial geniuses of the era, pouring money into stock pools and syndications, pumping up the economy with excessively low interest rates, selling shares at a low price to their colleagues and the same shares at a high price to the public. All perfectly legal and ethical based on the rules of the day, but still dodgy enough that it had to be done quietly behind the scenes.

It was instructive however in considering how the future will regard today's masters of the universe in cryptocurrencies and in the AI/tech field as we see massive capital being invested in "compute" capacity, like fibre and and housing in the earlier years of this century and the railroads in the 19th.
Profile Image for Katarina.
240 reviews1 follower
October 28, 2025
*Audiobook via Spotify Premium*

Fantastically detailed writing. The author said he hoped he could show the detail and the humanity behind the 1929 crash, like Walter Lord did for the Titanic in A Night to Remember. Sorkin definitely succeeded.
Profile Image for Dale Dewitt.
191 reviews4 followers
June 16, 2025
An in-depth analysis of the events of 1929 that led to the Great Depression. Mr Ross Sorkin does a great job of making the complicated narrative, with all its parts, easy to understand by creating a key list of characters in order to allow the reader to understand the sometimes complicated financial maneuvering. I enjoyed the read up until part 2 of the book, that is where i felt too much time was spent on the Mitchell trial and on the Morgan Senate hearings. the fast quick narrative style that was seen in the first section of the book seemed to languish a bit in the second part due to the play-by-play that was given. I learned a great many things and felt that I now have a better understanding of the market crash and its aftermath and effects. .

I received an ARC from NetGalley for my honest review.
Profile Image for JS.
660 reviews12 followers
October 23, 2025
This is an excellent book. It breaks down the circumstances that led to the Great Depression and the actions that extended it. And it does so without getting too academic or wonky. The author is great about turning the history into a compelling narrative that blew my mind at multiple turns. I thought I knew the basics of the crash, but I had no idea until this book. The greatest compliment I can give, reserved for the true greats, is that I bored my wife to death talking about it. So… high praise
Profile Image for Dan Leiser.
72 reviews5 followers
November 8, 2025

A wonderfully detailed narrative of the hysterical rise and crash of the 20s unregulated stock market bankers. And ultimately the unfortunate realization of this book is that those architects of financial crisis, crashes, and depressions have never been held responsible for the worlds they created and destroyed.

Whether intentionally or not, it’s a sad reflection of our current state right now. Maybe when the trillion dollars that is being passed back and forth between a few companies like a pooled investment scheme crashes we’ll have another opportunity to punish those dark architects of our ruin.

Some other “fun” observations

Lamont, a fascist curious leader of an organization. Who seemed to love Mussolini and flirting with Hitler.

Lamont who was implicated in coup attempts of the US government in the business plot.

An unregulated republican led government led to economic turmoil that democrats have to clean up.
162 reviews2 followers
November 3, 2025
Sorkin has written an interesting, character driven look at the greed, speculation, and ignored warnings that led to the 1929 crash and the following Great Depression. He provides this detailed account of the 1929 stock market crash by focusing on the human stories of the financiers, politicians, and ordinary people involved while, at the same time, drawing parallels between those events and today’s financial markets.

Winston Churchill said that “those who fail to learn from history are doomed to repeat it.” It’s difficult to not reflect on those words when reading this book.

Sorkin says in his Prologue …

“We all love a good story, a concise explanation of how the world works. We all love an easy buck. Temptation has driven human folly for centuries, whether the serpent in the Garden of Eden or the market manias of cryptocurrency or artificial intelligence. Each wave seduces us into thinking that we’ve learned from history and, this time, we can’t be fooled. Then it happens again.”
Profile Image for Steve Peifer.
517 reviews28 followers
November 2, 2025
1929 Andrew Ross Sorkin

This is an amazingly well researched history of the Great Depression that moves like a thriller but warning: It will scare the hell out of you.

There are so many ominous parallels to current economic conditions that it will make stuffing cash in a mattress a reasonable choice.

Reasonable people can debate the causes of the Depression (buying securities on credit, ill advised tariffs, irrational exuberance) but one thing is sure: no one knew what to do.

It’s so well written but it will keep you up at night.
140 reviews
October 19, 2025
1929

It is no surprise that Andrew Ross Sorkin wrote such a powerful living history of the 1929 crash aftermath. All the key players came to life in 3 dimensions and it was a gift indeed. I intended to savor it much longer, but I couldn’t put it down so it only lasted a couple of days. What a gift to take in his 8 yrs of research.
88 reviews
October 21, 2025
This book captures the stock market crash of 1929 and the early years of the Great Depression in searing detail. Sorkin’s astute analysis challenges the conventional wisdom of the causes and circumstances of the Depression in a vital way.
4 reviews
October 27, 2025
Incredible research and insights

The work that Andrew Ross Sorkin and his team put into this book are, alone, worth the read. Piecing it all together, and making sense of it all, make “1929” one of the greatest American history books perhaps of all time.
Profile Image for Dave Reads.
327 reviews21 followers
November 9, 2025
Dave's Summary

Andrew Ross Sorkin’s "1929: Inside the Greatest Crash in Wall Street History and How It Shattered a Nation" explores the greed, corruption, and arrogance that led to the market collapse of 1929. Drawing from private papers, Federal Reserve records, and firsthand accounts, Sorkin recreates the chaos of an era when speculation ruled and there was very little oversight. He recalls a world where bankers manipulated prices, politicians accepted bribes, and the wealthy lived extravagantly while the public bore the losses. The New York Times reporter shows how personal ambition and reckless risk-taking brought down not only fortunes but also public faith in capitalism itself.

The book also looks at the deeper human story behind the financial ruin. Sorkin portrays a country shocked into doubt, unsure if the economic system it trusted could survive. He traces how weak banks, poor leadership, and blind optimism magnified the crash’s effects, leaving ordinary Americans devastated while leaders like Herbert Hoover struggled to respond. Yet Sorkin ends with a reminder that human nature, including hope, greed, and overconfidence, always repeats itself. The 1929 crash, he argues, wasn’t just about money. It was about our tendency to forget hard lessons once the pain fades.

Top Takeaways

- Greed and speculation drove the 1929 market to collapse, exposing deep corruption on Wall Street.
- Weak banking systems and poor government oversight made the financial crash far worse.
- Leaders like Herbert Hoover failed to act decisively, deepening public fear and economic decline.
- The crash shattered America’s trust in its financial institutions and capitalist system.
- Sorkin argues that human nature—greed, hope, and overconfidence—ensures financial crises will keep repeating.
23 reviews2 followers
November 13, 2025
Dry and lacking a broad perspective

Sorkin has clearly done a lot of research and tells the story how he wants. The book did not give an overarching synopsis of the crash and is more of a day to day of who did what and said what. It seems the book would be appreciated more by someone with a previous grasp on the politics and personalities involved during this time period but to me it lacked any sort of scope. Details and people are mentioned that have nothing to do with the crash or the shattering of a nation but instead seem like just fun(?) anecdotes during that time period. I didn’t find a cohesive theme or conclusion from this book but more of a run on manuscript of the events.
Profile Image for Stephen Drew.
362 reviews7 followers
Want to read
October 12, 2025
For personal reference

“I read an advance copy of Andrew Sorkin’s new book ‘1929’. Like ‘Too Big to Fail’, 1929 puts you in the room as the events leading up to the crash and the Great Depression are born and develop. You get to understand the history, meet the players, and watch history unfold.

It’s a great read for anyone interested in investing, markets, history, economics, government, politics, and
I have recommended only a few books on @X. This is a great one. Not to be missed.” -Bill Ackman
Profile Image for Douglas Hayman.
2 reviews1 follower
November 14, 2025
I like ARS and respect his intelligence, but I must be truthful - I found the book to be boring. Too many names (even though he included a glossary of names), and entirely too much minutia. I found myself counting down the pages until the crash occurred. Not enough description of how John Q Public dealt with and weathered the storm. I gave it 3 stars, due to the effort that ARS put into the book regarding detail. Other than that, I found the book to be a snoozer. Sorry ARS!
Profile Image for 😼jiriguru.
215 reviews
November 29, 2025
重现1929年股市大崩盘的前因后果。读完这本书会发现跟2008年的金融危机背后的根源是非常相似的:借债投资、集体盲目乐观对泡沫经济视而不见、内幕交易、政府监管力度极弱,当然,还有人性的贪婪。

一百年过去,这些问题改善了吗?当然没有。即便是有片面的修复,也会因为多方利益角力而最终回到原点。阳光之下无新事。再次崩盘只是时间问题。

Steve Bannon 说让美国再次伟大,就是要回到1930年代的美国。但那时的美国明明在经历1929股市大崩盘之后的经济大萧条,普通民众生活艰苦。为什么在MAGA制度设计者眼里那时的美国却是「最伟大」的?联想到之前讲法西斯政治体制的书,就会有答案。
Profile Image for ༺ Jason ༻.
68 reviews4 followers
December 12, 2025
Can you make the F in any kind of Finance fun? IDK but this makes it (The Crash) fascinating and yes doable in an enjoyable way :). You don’t need to be a CPA or Wall Street Broker to appreciate this hard economy lesson that crippled the USA.

If you ever been curious about the big crash and/or you invest in stocks (401K, Market) for your future (which everyone should) this book is a tale about greed and the understanding why we should learn from history and OMG don’t ever repeat it. This read is the way to go.
Profile Image for JoAnn Wages.
34 reviews1 follower
December 10, 2025
What an interesting look at the crash of 1929. I find myself wanting to study more on the reasons and how changes to banking that came from it. Great writing and amazing story telling.
4 reviews1 follower
October 27, 2025
Riveting account of the crash of 1929

Sorkin does an excellent job of bringing the period of the stock market crash of 1929 to life. Well researched, detailed and well paced. From Wall Street to the White House all the major players in the lead up, event, and aftermath of the 1929 stock market crash are explored. I highly recommend it!
Profile Image for Keegan Moore.
16 reviews1 follower
November 3, 2025
Super interesting. I learned so much about the 20s and 30s and realized how little I knew about this time period. Shockingly, the US economic landscape seems eerily similar 100 years later... but I’m sure that’s nothing to worry about.
Profile Image for Richard Marney.
753 reviews45 followers
October 28, 2025
This is a well written book, authored by a unique journalist and market commentator. For readers with previous exposure to the history of the ‘29 Crash and the subsequent Great Depression, the book won’t provide much in the way of new facts and analysis. As a first history of this era and a discussion of the implications for society, however, the author “knocked the ball out of the park!”
Profile Image for Erica.
41 reviews
November 18, 2025
I got halfway through and abandoned this book. I really tried to stick with it, but its minutiae of finance killed my pleasure reading.
4 reviews
November 21, 2025
Seminal work. Written in mostly narratives, this account situates you with the real people at the center of the crash and how it roiled the world. It’s impossible to read this and not see parallels to today. Feels prophetic. The lack of accounts from regular people is a notable omission but by the end you realize regular people didn’t cause the crash. The research and writing here are top notch.
1 review
October 20, 2025
Very nicely done history of the 1929 crash written in a journalism style with the section headers keeping you oriented to the timeline of the loss. Goes into the setup for the crash, the crash and then the highlights from years later. Best write up on Carter Glass that I have seen. Glass/Steagall Act is a very common phrase to see in financial areas and this explains the mechanisms to get it done at a high level.
Profile Image for Elias Marseille.
53 reviews2 followers
November 22, 2025
Ik wist bijna niks over deze periode, heel veel geleerd! Hij slaat wel de gevolgen van de crash op gewone mensen over, dat had meer naar voren mogen komen.
Profile Image for Owen Rees.
50 reviews7 followers
October 26, 2025
It pains me to give this book 3 stars because I loved Too Big To Fail so much, but this one just wasn’t as good. I didn’t find the story nearly as exciting and the characters nearly as exciting as those in Sorkin’s first book. Maybe my perception of the book is due to the fact that these events happened nearly a hundred years ago, and as such I find them more difficult to imagine.

Sorkin’s research and writing is top notch. Maybe more focus on market action would have kept me engaged; I found those moments more compelling than the character descriptions.

It’s still a good book, and I’d recommend it to readers who enjoy Wall Street reporting. But it’s not in the same realm as Too Big To Fail.
Profile Image for TJ Sweet.
14 reviews
November 5, 2025
I think that the best history books are the ones that make you want to study the time period more, and this book did exactly that for me.

I thought it was really interesting learning more about Hoover, and how he had tried to approach Wall Street about an impending crash, yet failed. I thought it was interesting to learn how Wall Street responded to the crash and seemingly moved on. I always thought that the crash just blew everything up in an instant, and was intrigued by how that doesn’t quite seem to be the case.

This was a fascinating read, and it inspired me to dig into this time period, as well as the figures involved, much more.
This entire review has been hidden because of spoilers.
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